Lisa Spalding, REALTOR, CDPE

Central Florida Home Inspections, Inc. -- VENDOR SPOTLIGHT

I've not heard of them/him/C.F.H.I. before but that's the company name I was given when I was told that the home inspector was Terry Hounshell (cool name!, huh?) and that the inspection on my listing would be today in the morning.

There are a lot of inspectors in Central Florida, some better than others. While I had never heard of Terry or his company before, I found that he was prompt (he showed up even before I arrived), courteous, and did a heck of a job. I discovered that he holds a home-inspection designation through "NAHI"--National Assoction of Home Inspectors Inc. www.NAHI.org (Don't put in .com or you'll get a hydraulics company.) When the home inspector has a designation or certification, that's a GOOD thing. There is no licensure requirement for home inspectors in Florida--yet. (But that is soon to be remedied!)

Terry is also associated with the Orlando Regional Realtor Association, which is good. Usually, that means that vendors such as inspectors, appraisers, etc. have an e-key to get access to listings. That is so COOL! That means I don't have to be there to let those vendors have ACCESS to the house. Of course, I CHOOSE to be there for my customer b/c that's part of the service that I provide in case there are issues.

Well, I am working with the Seller on this transaction but I believe the Buyer got a fair and reasonable quote for the home inspection. The inspector asked the Seller appropriate questions and also seemed to make both Buyer and Seller feel at-ease and not alarmed about the whole process.

When I arrived, Terry was up on the roof, doing what he was getting paid to do--sweat in the sun and scope out EVERYTHING about the house.

This is the view I had when I arrived at the home for the inspection. Terry was already up on the roof, looking around to protect the Buyer's interest in the home. You want your home inspector to get up on the roof, too. If your home inspector will not get up on the roof to check it, DON'T hire him/her.

The inspection took just over an hour, then Terry toured us through the house with a commentary on the few things that were suggested to keep an eye on. The inspection was short, sweet, to-the-point and was completed in a very workman-like and professional manner. Terry will e-mail the report to the Buyer, who was absolutely thrilled with the inspection. I know that me and the Seller were happy/relieved, too, b/c the inspection went so well.

Terry also took a tour of the attic in the middle of the day--poor guy. Again, insist that your home inspector check the attic and/or crawlspace of the home.

And, here is Terry scoping out the inside A/C unit to make sure that it'll last for the Buyer.

So, if you're in the Central Florida area and are buying a house (or selling a house and need a pre-listing inspection) and need an inspection, contact Terry to see if you and he may make a good match. Terry Hounshell at 321-217-4918, for Central Florida Home Inspections, Inc. or cfhi@cfl.rr.com .

My Waiver: I am not affilitated with Terry Hounshell nor Central Florida Home Inspections, Inc. I do NOT get paid for suggesting you contact him. This is the first day I've met Terry, too.

What to Expect with the Home Inspection- A Seller's Perspective

It's a great thing, selling a home! It's also a frustrating/scary/exciting/happy/etc.... kind of thing. If you are selling a home, the Buyers will most likely want to get a HOME INSPECTION. Even if the contract is an As-Is contract (meaning that you as the Seller will not be required to make any repairs). Even if you think the house "looks good" and is in great shape.

When you are "in contract" and have your house about to be purchased by a read-willing-able Buyer, there is typically a 5-10 day home inspection period. This is the time when they get any and all inspections of the home. Maybe you have an awesome real estate agent list your home and they suggested that you have a pre-listing HOME INSPECTION. If you got that inspection and fixed everything, then great! If you elected to NOT have that home inspection, then this Buyer home inspection period can be a little anxiety-provoking.

Either way, inspectors will probably be going through your home, testing everything, and making notes.

So, once you've been told of the the inspection time and date, you may be encouraged to leave the home by your agent or you may stay. After all--it IS still your home. Plus, you're probably packing to leave. :) Whether you choose to stay or leave during the inspection, the inspector will check all the major systems of the house as well as all the little things about the house. The major systems include the Roof, Electrical System, Plumbing System, Foundation, and the A/C unit(s). Inspectors also check if the appliances are in working condition, as well as windows, etc. They will probably notice whether a toilet flushes correctly and if a sink/tub drain drains slowly.

When the home inspection is complete, a good inspector will do a general verbal "here's what we've got going on with this house, both good and bad" and walk the Buyer (and sometimes you, the Seller) to where issues may be and comment on those issues. It is typical to find little things wrong with all houses. It is also a possibility that there may be bigger issues and sometimes major issues with homes. Because you did not pay for this particular report, you most likely will not be issued a report. Your agent will probably get you a copy of the "to be repaired items list."

The inspector will probably come up with 2 lists for the Buyer. The first list is a list of "repair items," or items in which the particular item is deficient. The deficiency means that the item is no in the condition that works for the purpose for which the item is intended. Examples would be that there is a hole in the roof (roof not keeping out rain), a broken window (not keeping out wind/rain), or an oven that does not heat (won't heat up food). The second list is a list of cosmetic items or items that may not necessarily need to be "fixed" but may be a good idea to take care of or keep an eye on. Examples of cosmetic items are when there is a stain on the carpet, when there are two different colors of roof shingles, or maybe a cut on the counter-top laminate. UGLY doesn't necessarily count as needing to be fixed. It's just UGLY and the home Seller does NOT need to address or fix ANYTHING that is working for the purpose for which it's intended but just doesn't look right. :)

Depending on the inspector, he/she will likely take pictures of positive and negative aspects of the home, take notes either via paper/pen, an audio recording device, or a stylus/computer to help with keeping track of the features of the home. When the inspector gets back to the office, he/she will write up the report and either e-mail (this is my favorite route to getting the home inspection) or fax the home inspection report to the Buyer and/or Buyer's agent. Some companies even print out the report on-site, which some Buyers like.

Congratulations! You've just had a home inspection! If you were there, it took a couple hours out of your day.

Okay--A Couple Things:

If the home inspection went bad and it was discovered that there are a LOT of things WRONG with the home, depending on your contract, the Buyer may be able to get out of the contract due to the home inspection. If there are major issues wrong with the house, if the Buyer declines to purchase the home in writing AND within the inspection period cancellation deadline, you may be keeping the house for a while.

If your home inspection went well--Woo hoo! You sell your house! Keep in mind that, in this case, the inspector will probably find some minor things wrong with the house. You may have to fix some things, depending on your contract with the Buyer. A good inspector WILL find some little nit-picky things wrong with the house.

So, if you're in the Orlando area and are a looking to sell your home, please do what you're doing now and continue getting more information on the selling process.

Click here:

http://www.24HrHousePrices.com/OrlandoArea

You may be thinking about buying or selling a house right now but we think about and handle real estate transactions all the time; it's our purpose!

Good luck on your home sale!

On your team,

Lisa Spalding

www.WinterParkHomeFinder.com

What to Expect with the Home Inspection- A Buyer's Perspective

It's a great thing, buying a home! It's also a frustrating/scary/exciting/happy/etc.... kind of thing. If you are buying a home, definitely GET a HOME INSPECTION. Even if the contract is an As-Is contract (meaning that the Seller will not make any repairs). Even if you think the house "looks good" and is in great shape. Even if it's a NEWLY-Built House.

When you are "in contract" and have a house that you have picked out to buy, there is typically a 5-10 day home inspection period. This is the time when you get any and all inspections of the home. You may find home inspectors in the phone book, on-line, from personal referrals from family/friends, or through your real estate agent. All inspectors have different pricing, education, and experience. While Florida does not yet have any licensing for home inspectors, PLEASE hire an inspector that at least has one or more certifications under his/her belt. The licensing thing may be changing here in Florida soon for inspectors but, basically, today a home inspector could just be getting out of high school or jail, take a class, then be a home inspector next week or month. Yep, sad but true.

So, once you've set the inspection date, you as a Buyer will meet the home inspector there at the home you want to buy and probably will sit and wait for about a 2-hour period while he/she "does the home inspection." Typically, the inspector will hand you their "cover me/my company" paperwork which states that you agree to pay for the home inspection, that you understand that they are merely human and sometimes miss things, that they are conducting a "visual" inspection and won't really be poking/prodding into anything, and that you understand that they either Do or Do Not have "Errors and Omissions" insurance. It is good to ONLY hire an inspector whose company carries lots of "E & O" insurance.

The inspector will check all the major systems of the house as well as all the little things about the house. The major systems include the Roof, Electrical System, Plumbing System, Foundation, and the A/C unit(s). Inspectors also check if the appliances are in working condition, as well as windows, etc. They will probably notice whether a toilet flushes correctly and if a sink/tub drain drains slowly. Whether the home is a new home or an existing home, it's a good idea to get it inspected. I have been to many new homes in which the door latch did not meet up with the door frame to actually close correctly.

When the home inspection is complete, a good inspector will do a general verbal "here's what we've got going on with this house, both good and bad" and walk the Buyer (and sometimes the Seller) to where issues may be and comment on those issues. It is typical to find little things wrong with all houses. It is also a possibility that there may be bigger issues and sometimes major issues with homes. This is usually the time that the inspector will ask to be paid for work rendered for you--the inspection. You will not be issues a report until after you've paid the inspector.

The inspector will probably come up with 2 lists for the Buyer. The first list is a list of "repair items," or items in which the particular item is deficient. The deficiency means that the item is no in the condition that works for the purpose for which the item is intended. Examples would be that there is a hole in the roof (roof not keeping out rain), a broken window (not keeping out wind/rain), or an oven that does not heat (won't heat up food). The second list is a list of cosmetic items or items that may not necessarily need to be "fixed" but may be a good idea to take care of or keep an eye on. Examples of cosmetic items are when there is a stain on the carpet, when there are two different colors of roof shingles, or maybe a cut on the counter-top laminate. UGLY doesn't necessarily count as needing to be fixed. It's just UGLY and the home Seller does NOT need to address or fix ANYTHING that is working for the purpose for which it's intended but just doesn't look right. :)

Depending on the inspector, he/she will likely take pictures of positive and negative aspects of the home, take notes either via paper/pen, an audio recording device, or a stylus/computer to help with keeping track of the features of the home. When the inspector gets back to the office, he/she will write up the report and either e-mail (this is my favorite route to getting the home inspection) or fax the home inspection report to you. Some companies even print out the report on-site, which some Buyers like. I prefer to not spend the extra 30 minutes there waiting for the report to print out, though.

Congratulations! You've just completed the home inspection! It took a couple hours out of your day and a couple hundred dollars out of your pocket.

Okay--A Couple Things:

If your home inspection went bad and it was discovered that there are a LOT of things WRONG with the home, depending on your contract, you may be able to get out of the contract due to the home inspection. If there are major issues wrong with the house, you just saved yourself a lot of headache, providing you declined to purchase the home in writing, AND within the inspection period cancellation deadline. Keep in mind that you will NOT get your home inspection money back. The inspector provided a service and was paid for it. And--forget about getting that money back from the home Seller! It's a true "cost of doing business."

If your home inspection went well--Woo hoo! You buy a house! Keep in mind that, in this case, you will probably find some minor things wrong with the house. A good inspector WILL find some little nit-picky things wrong with the house. BUT--that's a good thing. If they didn't find anything wrong with the house, they probably missed something.

So, if you're in the Orlando area and are a looking for a great home to buy, please do what you're doing now and continue getting more information on the buying process.

Click here:

www.OrlandoAreaPropertySource.com

Did you know about the special financing that Orange County or the City of Orlando has for first-time homebuyers?

How about the loan assistance money available for certain career professions such as nurses, teachers, firefighters?

You may be thinking about buying or selling a house right now but we think about and handle real estate transactions all the time; it's our purpose!

Good luck on your home purchase!

On your team,

Lisa Spalding

www.WinterParkHomeFinder.com

Well, as you may know, I specialize in working with customers who are buying or selling homes in the Orlando area; specifically Orange and Seminole Counties. While I focus on those areas, I can help with other areas, too, but I wanted to focus today on a little-known part of the Orlando area called the City of Orlando. You can tell you are in the City of Orlando by looking at the street signs. If there is a blue water fountain on the street name sign, then you are there! (Otherwise, you probably are within Orange County; as shown by the orange-named fruit on the sign.)

If you are interested in pucrhasing a home within the City of Orlando city limits,

you should look into the program.

You may be eligible for $10,000, $20,000, or $30,000 for Down Payment Assistance.

Anyway, I attended a seminar about The City of Orlando Down Payment Assistance Program this morning about how to access their money, uh, I mean program, for Buyers I work with. The event was sponsored by Doreen Hargreaves of Fidelity Mortgage Services. The City of Orlando's Down Payment Assistance Program specifics were taught by Erika Little. The event was held at the IKEA Community Room at 4092 Eastgate Drive, Orlando, FL 32839. If you haven't been to IKEA, you simply MUST go; pretty cool place.

While I cannot go over EVERYTHING necessary about the program here, I will state the main criteria plus a few extra secrets obtained directly from Erika Little, employee with the City of Orlando:

Top 10 Criteria to Utilize Down Payment Assistance from the City of Orlando:

1. Buyers must be First-Time Buyers, meaning they cannot have owned a home within the past 3 years. There are a few exceptions to this rule, but if you currently own a home or if your spouse does, then you are not a First-Time Buyer.

2. Buyers may qualify for $10,000, $20,000, or $30,000-worth of assistance.

3. That money is available to pay for the Down Payment, the Closing Costs, the Pre-Paid Items, and/or to Reduce the Mortgage for the property.

4. Buyers do NOT have to pay the money back if they continue to live in the property for at least 10 years. It acts as a 0% "loan" in that instance. If, however, the property is sold or rented out, then the owners must pay back the loan. They call it a "forgivable" 10-year loan.

5. The money is available for any property within city limits to a First-Time Buyer. Other programs are available for the Parramore Neighborhood, Teachers, Safety 1st--fire fighters, police, and medical professionals, Employees of the City of Orlando, and the American Dream Homeownership Initiative Program.

6. Buyers must complete a 6-hour class/Pre-purchase Homebuyer Seminar and receive a Certificate of Completion. Buyers must also complete one-on-one counseling about Buying a Home.

7. The Property may be new or existing; single family home, town home, condo, or a manufactured home that is owned fee simple (the manufactured home must have land with it and not have a lot/rent fee). Non-eligible property = Mobile Homes/Trailers!

8. Property sales price may not exceed $247,387 and the appraisal must meet or exceed the sales price on the contract to purchase.

9. Buyers must have $1,000 of their OWN money into the purchase of the home.

10. And, NO, they do not HAVE to give you the money, nor will it be "dog-eared" specifically for you. The funds are available on a first-come, first-served basis.

For more information specifically about the Down Payment Assistance Program of the City of Orlando, please visit www.CityOfOrlando.net . Click on "Departments" button on the left-hand side, then "Housing and Community Development" button.

As you can imagine, there are many other criteria if you're interested in seeing about getting down payment assistance money from the City of Orlando (or ANY other assistance provider) to buy a home. Please contact us for more information about down payment assistance and/or other Zero Down Payment home loan options.

Click here:

www.OrlandoAreaPropertySource.com

Did you know about the special financing that Orange County or the City of Orlando has for first-time homebuyers?

How about the loan assistance money available for certain career professions such as nurses, teachers, firefighters?

You may be thinking about buying or selling a house right now but we think about and handle real estate transactions all the time; it's our purpose!

Again, Erika Little of the City of Orlando Housing & Community Development presented information on "How To Utilize the Down Payment Assistance Program" this morning. It was a great information-sharing seminar. This event was sponsored by Doreen Hargreaves with Fidelity Mortgage Services, helping you to get access to money for your home.

We get the education about buying that YOU don't have the time to get!

On your team,

Lisa Spalding

www.WinterParkHomeFinder.com

Did You Know That You Need A Job, A Good Credit Rating and Promise To Pay The Lender Back Before You Can Get A Loan Now? (Yep, kind of tongue-in-cheek-but very TRUE)

(First, My Waiver--I am NOT (nor do I plan on ever being) a mortgage lender or broker. But, here's my two cents on what's going on with the mortgage market currently)

You must have heard the news about Fannie Mae and Freddie Mac. Because it's important to me that you get the ‘ Straight Talk," I thought I would take a minute and interpret for you exactly what it means and how it will impact you personally.

First a little history.

A couple of months ago the federal government took action to shore up Fannie Mae and Freddie Mac.

For starters, the Federal Reserve opened the discount window to allow the two government-sponsored enterprises to borrow lots of money, at 2.5% to cover there mounting losses.

The Fed committed to making sure that these two companies who hold or guarantee 5.2 trillion dollars worth of mortgages didn't go belly up.

So here's what's going on now:

Freddie and Fannie have lost 3.1 billion dollars between April and June, and about 14 billion dollars year to date. Now the guys at the top of both companies are getting kicked out, and there have been some revelations of poor management as well as the possibility of cooked books.

So the Fed is stepping in, and putting the companies into conservatorship. Sort of like Chapter 11 reorganization. They're going to buy around 100 billion dollars worth of Fannie and Freddie mortgage backed securities.

This is a big deal, because not only does it show the government's commitment to keeping these companies afloat, but also because it can have a positive effect on rates.

What we can expect is more of what we've seen in the past year. Lenders have gotten away from the very loose underwriting guidelines of the last several years, which is great.

Borrowers will really have to have their ducks in a row with good documentation, and credit issues dealt with in advance.

So here's the bottom line- Mortgages are going to continue to be available with good rates, but lenders are going to be very strict in their underwriting.

So the next time you're in a conversation with a family member, friend, or neighbor and you know that they have a job, a good credit rating and will keep their commitment to pay back their loan and they mention that they need help getting a loan to fit their needs do these three things.

1. Take out your cell phone.
2. Look up my number.
3. Call me immediately and we can talk about how you can introduce them to me.

** You may remember that I am NOT a mortgage loan officer and I don't (CAN'T) get paid for referring anyone to a specific mortgage company or person. But what I will do is introduce you or your friend/family member to some of the BEST mortgage people I know. I have developed good, trusting relationships with a few mortgage people so that you get the best mortgage for you or your friend.

I hope this information has been helpful to you, and I'll keep you posted on any new developments.

Information gathered from By Referral Only, an organization with which I am a member.--Lisa Spalding, REALTOR with Watson Realty Corp. 407-267-0304 Cell

For more information on how to buy a home in Orlando, Winter Park, or Maitland with Zero Down, click:

www.OrlandoAreaPropertySource.com